Algoma Acquires Two Product Tankers

Canadian shipping company Algoma Central Corporation on Thursday announced it has acquired two 18,894 dwt product tankers. Built in 2007, the sister ships were purchased to prepare for the coming replacement of two older vessels in the company’s Algoma Product Tankers fleet.

“The vessels are high quality additions to our Product Tanker fleet,” said Gregg Ruhl, President and CEO of Algoma, “and mark an important step in our on-going fleet renewal journey, which is expanding to include renewal within our tanker fleet. It is important that we acquire the right ships, at the right time to ensure they fit our market and our commitment to deliver safe and sustainable transportation solutions to our customers for the long-term.”

The Algotitan, previously named the Chantaco, will operate on the Great Lakes, St. Lawrence Seaway starting from early 2023. The Algoberta, previously named the Chiberta, will begin her career with Algoma operating in Northwestern Europe and commercially managed by Algoma partner Furetank AB of Sweden. The vessel will trade in Europe until the company is ready to bring her into Canadian trade, expected later in 2023. 

In the third quarter of 2022, Algoma acquired a 2010-built Norwegian vessel named the Birgit Knutsen, which is a sister ship to the Algoterra. The vessel currently operates internationally under bareboat charter and has already proven to be a strong addition to the Product Tanker segment.